By Emily Dattilo
Shares of Texas Pacific Land Corp. were trading sharply lower on Wednesday, leaving them on track for their worst decline in years.
Texas Pacific stock fell 15% to $1,339.30 in afternoon trading, on pace for its largest percentage decrease since 2020, according to Dow Jones Market Data. It was also the worst performer in the S&P 500.
The company, which owns significant acreage in the energy-rich Permian Basin, joined the S&P 500 index before the start of trading on Nov. 26, replacing Marathon Oil.
Marathon was dropped because it was purchased by ConocoPhillips in a deal that closed last month.
Since the close of trading Nov. 25, Texas shares have fallen 17%.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 04, 2024 14:07 ET (19:07 GMT)
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